Although early reports confirm the word markets are stabilizing after Monday’s
shock, the key issue of trust is still mirrored in the front pages of the world.
Interestingly, another NYTimes article warns of similar conditions that existed before
the last American depression.

Tja, the long awaited denouement. In an article titled The End of Arrogance: America Loses her Economic Dominance, the sober opinion from Der Spiegel: “The banking crisis is upending American dominance of the financial markets and world politics.
The industrialized countries are sliding into recession, the era of turbo-capitalism is coming to an end and US military might is ebbing. Still, this is no time to gloat.”

Eight long years. An appropriate, and humbling (?), reminder, here is a quote from our current President from 2003: “I glance at the headlines just to kind of get a flavor for what’s moving. I rarely read the stories, and get briefed by people who are probably read the news themselves.” —Washington, D.C., Sept. 21, 2003

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